0001040470-13-000050.txt : 20130926 0001040470-13-000050.hdr.sgml : 20130926 20130926160605 ACCESSION NUMBER: 0001040470-13-000050 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130831 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130926 DATE AS OF CHANGE: 20130926 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AEHR TEST SYSTEMS CENTRAL INDEX KEY: 0001040470 STANDARD INDUSTRIAL CLASSIFICATION: INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS [3825] IRS NUMBER: 942424084 STATE OF INCORPORATION: CA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22893 FILM NUMBER: 131116905 BUSINESS ADDRESS: STREET 1: 400 KATO TERRACE CITY: FREMONT STATE: CA ZIP: 94539 BUSINESS PHONE: 5106239400 MAIL ADDRESS: STREET 1: 400 KATO TERRACE CITY: FREMONT STATE: CA ZIP: 94539 8-K 1 q114-e8k.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (date of earliest event reported): September 26, 2013 Aehr Test Systems (Exact name of Registrant as specified in its charter) California 000-22893 94-2424084 (State or other jurisdiction of [Commission File Number] (I.R.S. Employer incorporation or organization) Identification Number) 400 Kato Terrace Fremont, California 94539 (Address of principal executive offices, including zip code) 510-623-9400 (Registrant's telephone number, including area code) N/A (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On September 26, 2013, Aehr Test Systems, or the Company, issued a press release announcing the Company's financial results for its first quarter of fiscal year 2014 ended August 31, 2013. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K. The information in this Form 8-K, including the exhibit attached hereto, are being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liabilities of that Section, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (d) Exhibits. Exhibit No. Description ----------- ----------- 99.1 Press Release of Aehr Test Systems dated September 26, 2013 entitled "Aehr Test Systems Reports Financial Results for First Quarter Fiscal 2014." SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Aehr Test Systems (Registrant) Date: September 26, 2013 By: /s/ Gary L. Larson ------------------------- Gary L. Larson Vice President of Finance and Chief Financial Officer EXHIBIT INDEX Exhibit Number Description ------- ------------ 99.1 Press Release of Aehr Test Systems dated September 26, 2013 entitled "Aehr Test Systems Reports Financial Results for First Quarter Fiscal 2014." EX-99.1 2 q114-ex99.txt EXHIBIT 99.1 Exhibit 99.1 [LOGO]AEHR TEST SYSTEMS FOR IMMEDIATE RELEASE Contact: Gary Larson Chief Financial Officer (510) 623-9400 x321 AEHR TEST SYSTEMS REPORTS FINANCIAL RESULTS FOR FIRST QUARTER FISCAL 2014 Fremont, CA (September 26, 2013) - Aehr Test Systems (Nasdaq: AEHR), a worldwide supplier of semiconductor test and burn-in equipment, today announced financial results for the first quarter of fiscal 2014 ended August 31, 2013. Total net sales were $3.8 million in the first quarter of fiscal 2014, compared with $3.3 million in the fourth quarter of fiscal 2013. The Company reported a net loss of $166,000, or $0.02 per diluted share, in the first quarter of fiscal 2014, compared to a net loss of $854,000, or $0.08 per diluted share for the fourth quarter of fiscal 2013. Commenting on the results of the first quarter of fiscal 2014, Gayn Erickson, President and CEO of Aehr Test Systems said, "We are pleased to have exceeded our financial expectations for the quarter. Our revenue was nearly $500,000 greater than in the prior quarter. More importantly, we improved our bottom line by more than $650,000 to exceed cash break even for the quarter. A key factor that contributed to these results was the positive momentum we are achieving with our new Advanced Burn-in and Test System (ABTSTM), particularly in the automotive market segment where we see continued demand for more information and entertainment in addition to mission critical applications in traditional, hybrid, and electric automobiles." Erickson continued, "The increasing demand that we are seeing for our products is reflected in our strong book-to-bill ratio for the quarter and our highest backlog in recent years. We continue to see strength in the automotive test and burn-in space. During the last few months, we announced orders for multiple ABTS systems as well as a follow-on MAXTM test and burn-in system. These orders included production orders from a leading manufacturer of advanced logic ICs for automotive, embedded processing, digital signal processing and analog applications for our new ABTS-P system. The ABTS-P system offers optional high voltage power supplies required for power control devices for the rapidly growing electric/hybrid automotive markets. We expect to begin shipments of the new ABTS-P system during the next few months. Aehr Test Systems Reports First Quarter Fiscal 2014 Results September 26, 2013 Page 2 of 6 "Interest in our new FOX products remains strong and, as previously announced, we have received multiple orders for the new FOX-1 Parallel Test system we are developing. These orders include development milestone events as well as delivery of multiple production test systems. We continue to expect initial shipments of this product during the first half of calendar 2014. At the same time we are working with potential customers in the definition of a new product in our FOX product line that extends the capabilities and capacity of our FOX multi-wafer test system." Erickson concluded, "With our strong backlog and continued momentum that we are seeing in our ABTS and FOX markets, we are excited about our prospects for the year. We now expect to be profitable for the fiscal second quarter, as well as for fiscal 2014." Management Conference Call Management of Aehr Test will host a conference call and webcast today, September 26, 2013 at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss the Company's first quarter fiscal 2014 operating results. The conference call will be accessible live via the internet at www.aehr.com. Please go to the website at least 15 minutes before start time to register, download and install any necessary audio software. A replay of the webcast will be available at www.aehr.com for 90 days. About Aehr Test Systems Headquartered in Fremont, California, Aehr Test Systems is a worldwide provider of test systems for burning-in and testing logic and memory integrated circuits and has an installed base of more than 2,500 systems worldwide. Increased quality and reliability needs of the Automotive and Mobility integrated circuit markets are driving additional test requirements, capacity needs and opportunities for Aehr Test products in package and wafer level test. Aehr Test has developed and introduced several innovative products, including the ABTS and FOX families of test and burn-in systems and the DiePak(R) carrier. The ABTS system is used in production and qualification testing of packaged parts for both low-power and high-power logic as well as all common types of memory devices. The FOX system is a full wafer contact test and burn-in system used for burn-in and functional test of complex devices, such as leading-edge memories, digital signal processors, microprocessors, microcontrollers and systems-on-a-chip. The DiePak carrier is a reusable, temporary package that enables IC manufacturers to perform cost-effective final test and burn-in of bare die. For more information, please visit the Company's website at www.aehr.com. Safe Harbor Statement This press release contains certain forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties. These statements are based on Aehr Test Systems Reports First Quarter Fiscal 2014 Results September 26, 2013 Page 3 of 6 information available to Aehr Test as of the date hereof and actual results could differ materially from those stated or implied due to risks and uncertainties. Forward-looking statements include statements regarding Aehr Test's expectations, beliefs, intentions or strategies regarding the future including statements regarding projected future customer orders; expected release and shipping dates for Aehr Test's new FOX systems; future market conditions; and projected profitability in fiscal 2014. The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include, without limitation, general world economic conditions and events, the state of the semiconductor equipment market, our ability to maintain sufficient cash to support operations, acceptance by customers of our technologies, acceptance by customers of the systems shipped upon receipt of a purchase order, the ability of new products to meet customer needs or perform as described and our ability to successfully market a wafer-level test and burn-in system. See Aehr Test's recent 10-K and other reports from time to time filed with the U.S. Securities and Exchange Commission for a more detailed description of the risks facing our business. The Company disclaims any obligation to update information contained in any forward-looking statement to reflect events or circumstances occurring after the date of this press release. -Financial Tables to Follow- Aehr Test Systems Reports First Quarter Fiscal 2014 Results September 26, 2013 Page 4 of 6 AEHR TEST SYSTEMS AND SUBSIDIARIES Condensed Consolidated Statements of Operations (in thousands, except per share data) (unaudited)
Three Months Ended ---------------------------- Aug 31, May 31, Aug 31, 2013 2013 2012 -------- -------- -------- Net sales $ 3,752 $ 3,262 $ 4,832 Cost of sales 1,808 1,970 2,376 -------- -------- -------- Gross profit 1,944 1,292 2,456 -------- -------- -------- Operating expenses: Selling, general and administrative 1,420 1,504 1,789 Research and development 681 634 930 -------- -------- -------- Total operating expenses 2,101 2,138 2,719 -------- -------- -------- Loss from operations (157) (846) (263) Interest expense (4) (6) (12) Other (expense) income, net (34) 10 (19) -------- -------- -------- Loss before income tax (benefit) expense (195) (842) (294) Income tax (benefit) expense (29) 12 2 -------- -------- -------- Net loss $ (166) $ (854) $ (296) Less: Net income attributable to the Noncontrolling interest -- -- -- Net loss attributable to Aehr Test -------- -------- -------- Systems common shareholders $ (166) $ (854) $ (296) ======== ======== ======== Net loss per share Basic $ (0.02) $ (0.08) $ (0.03) Diluted $ (0.02) $ (0.08) $ (0.03) Shares used in per share calculations: Basic 10,635 10,367 9,166 Diluted 10,635 10,367 9,166
-more- Aehr Test Systems Reports First Quarter Fiscal 2014 Results September 26, 2013 Page 5 of 6 AEHR TEST SYSTEMS AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Results (in thousands, except per share data) (unaudited)
Three Months Ended -------------------------- Aug 31, May 31, Aug 31, 2013 2013 2012 -------- -------- --------- GAAP net loss $ (166) $ (854) $ (296) Stock based compensation expense 143 174 169 -------- -------- -------- Non-GAAP net loss $ (23) $ (680) $ (127) ======== ======== ======== GAAP net loss per diluted share $ (0.02) $ (0.08) $(0.03) ======== ======== ======== Non-GAAP net loss per diluted share $ (0.00) $ (0.07) $(0.01) ======== ======== ======== Shares used in diluted shares calculation 10,635 10,367 9,166 ======== ======== ======== Shares used in non-GAAP diluted shares calculation 10,635 10,367 9,166 ======== ======== ========
______________________________________________________________________ Non-GAAP net income is a non-GAAP measure and should not be considered a replacement for GAAP results. Non-GAAP net income is a financial measure the Company uses to evaluate the underlying results and operating performance of the business. The limitation of this measure is that it excludes items that impact the Company's current period net income. This limitation is best addressed by using this measure in combination with net income (the most comparable GAAP measure). -more- Aehr Test Systems Reports First Quarter Fiscal 2014 Results September 26, 2013 Page 6 of 6 AEHR TEST SYSTEMS AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except per share data) (unaudited)
August 31, May 31, 2013 2013 -------- -------- ASSETS Current assets: Cash and cash equivalents $ 2,435 $ 2,324 Accounts receivable, net 2,860 2,632 Inventories 5,369 5,369 Prepaid expenses and other 456 197 -------- -------- Total current assets 11,120 10,522 Property and equipment, net 246 301 Other assets 78 152 -------- -------- Total assets $11,444 $10,975 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Line of credit $ 947 $ 1,101 Accounts payable 1,403 1,188 Accrued expenses 1,437 1,440 Customer deposits and deferred revenue, short-term 2,413 1,972 -------- -------- Total current liabilities 6,200 5,701 Income tax payable 76 109 Deferred lease commitment, net of current portion 80 103 Deferred revenue, long-term 36 68 -------- -------- Total liabilities 6,392 5,981 Aehr Test Systems Shareholders' equity 5,073 5,014 Noncontrolling interest (21) (20) -------- -------- Total shareholders' equity 5,052 4,994 -------- -------- Total liabilities and shareholders' equity $11,444 $10,975 ======== ========
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